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You Are Running an Oral Auction,and You Know the Six

question 62

Essay

You are running an oral auction,and you know the six bidders place the following values on the auction item:
Joe: $150   Jack: $149   Jim:$148
Jane: $147   Jill: $146   Jean: $145
What winning bid should you expect? If the winning bid turns out to be $146.01 because of a bid cartel,which bidders must have participated?


Definitions:

Economic Responsibility

The obligation of an organization to contribute to economic development while improving the quality of life of its workforce and the community.

Goods And Services

The tangible products (goods) and intangible items (services) that satisfy human wants or needs and are offered in the market.

Profit Earning

The act of generating financial gain or income from business activities after deducting all expenses, taxes, and costs.

Audit Area

A specific area, department, or aspect of an organization that is subject to an audit to evaluate compliance, performance, or risk.

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